National mortgage professionals’ group reacts to 2017 federal budget

National mortgage professionals’ group reacts to 2017 federal budget

A national group of mortgage professionals has welcomed the Wednesday (March 22) announcement of the federal budget, which included a $11.2 billion tranche (to be released over 11 years) for new and existing affordable housing.

In a March 22 CNW release, Mortgage Professionals Canada commended the government for not going forward with any new changes to federal mortgage rules.

“We are pleased that the government has listened to our concerns and not introduced any additional measures that would negatively impact Canadian mortgage consumers,” MPC president and CEO Paul Taylor said.

The organization also expressed relief that the budget included provisions for “significantly improving the quality of housing data in Canada.”

“This will help assess the impact that the recent changes have had on Canadian homebuyers,” according to the group’s statement. “We will continue to work with government on the ongoing consultations on lender risk sharing and will continue to advocate for technical changes to the mortgage insurance and eligibility rules that were announced in 2016.”

“Mortgage Professionals Canada also supports the government’s efforts towards creating a resilient and competitive financial sector and looks forward to continuing to work with the government on ensuring financial stability, competition, and choice for Canadians,” the statement concluded.

Of the total allocation, $2.1 billion will be set aside for alleviating homelessness. Meanwhile, approximately $5 billion (over 11 years) will be used for a new National Housing Fund, which will ensure expanded lending options for construction of new rental housing, encourage resource pooling between housing providers and private partners, and assist social housing providers in shifting towards “more efficient and financially sustainable operating models.”